# Table 5c: Consumption Channel — Response to Monetary Shocks (Local Projections)

| Variable | h=1 Full | h=1 OECD | h=2 Full | h=2 OECD | h=3 Full | h=3 OECD | h=4 Full | h=4 OECD | h=5 Full | h=5 OECD |
|---|---|---|---|---|---|---|---|---|---|---|
| delta_policy_rate | 0.016 (0.028) | 0.111*** (0.042) | -0.007 (0.035) | 0.022 (0.051) | 0.020 (0.033) | 0.033 (0.051) | -0.015 (0.032) | 0.007 (0.055) | 0.001 (0.034) | 0.090 (0.057) |
| Z_1 | 0.594 (3.931) | 2.302 (7.730) | -0.599 (8.083) | 4.897 (15.598) | 11.404 (11.907) | 7.652 (22.784) | 5.686 (14.478) | -3.332 (27.889) | 3.675 (16.260) | -10.414 (32.878) |
| Z_2 | 0.009 (0.584) | -0.162 (1.045) | 0.181 (1.200) | -0.416 (2.105) | -1.652 (1.769) | -0.683 (3.078) | -0.674 (2.154) | 1.047 (3.774) | -0.287 (2.424) | 2.214 (4.458) |
| Z_3 | -0.004 (0.024) | 0.001 (0.039) | -0.010 (0.048) | 0.008 (0.079) | 0.064 (0.071) | 0.014 (0.116) | 0.022 (0.087) | -0.058 (0.142) | 0.003 (0.098) | -0.108 (0.168) |
| Z_1_x_delta_rate | -0.004 (0.019) | 0.061** (0.028) | -0.011 (0.023) | 0.007 (0.034) | 0.011 (0.022) | 0.019 (0.033) | -0.015 (0.021) | -0.003 (0.036) | -0.013 (0.022) | 0.048 (0.037) |
| rgdp_growth | -0.140*** (0.021) | -0.170*** (0.032) | -0.086*** (0.029) | -0.133*** (0.041) | -0.107*** (0.027) | -0.103*** (0.038) | -0.081*** (0.026) | -0.078** (0.039) | -0.123*** (0.032) | -0.130*** (0.049) |
| inflation | -0.006 (0.009) | -0.019 (0.015) | 0.010 (0.014) | 0.024 (0.024) | 0.008 (0.017) | 0.036 (0.027) | -0.028 (0.017) | -0.006 (0.042) | -0.009 (0.018) | -0.023 (0.045) |
| fiscal_bal_gdp | -0.034* (0.019) | -0.073*** (0.019) | 0.058* (0.033) | -0.020 (0.034) | 0.140*** (0.035) | 0.095** (0.040) | 0.024 (0.035) | 0.034 (0.044) | 0.020 (0.039) | 0.048 (0.049) |
| kaopen | -0.026 (0.061) | -0.110 (0.098) | 0.038 (0.124) | 0.054 (0.184) | -0.073 (0.174) | 0.085 (0.237) | -0.090 (0.202) | -0.088 (0.269) | 0.052 (0.223) | -0.227 (0.295) |
| nfa_gdp_lag | 0.175** (0.076) | 0.424*** (0.121) | 0.223 (0.147) | 0.827*** (0.229) | 0.534*** (0.188) | 1.005*** (0.284) | 0.692*** (0.206) | 1.569*** (0.307) | 0.775*** (0.226) | 2.515*** (0.330) |
|---|---|---|---|---|---|---|---|---|---|---|
| R² | 0.042 | 0.110 | 0.015 | 0.057 | 0.009 | 0.025 | 0.023 | 0.074 | 0.034 | 0.096 |
| N obs | 1,415 | 486 | 1,409 | 486 | 1,352 | 468 | 1,296 | 450 | 1,239 | 432 |
| N countries | 71 | 19 | 71 | 19 | 70 | 19 | 70 | 19 | 69 | 19 |